RTY UpdateMFI keeps going overbought without dropping which is usually an indicator of a melt up about to happen
NQ is already pretty close to filling the gap, but RTY needs to go pumptarded to fill its gap. I think garbage stocks are going to pop before end of next week, because there's another Fed meeting in July so they go to get that gap fill sooner than later.
Might seem odd coming out of my mouth, but go long on your favorite garbage stock, lol. BTFD!
RTY1!
RTY1! - Weekly Market Update, 6/20/22Russell Futures have triggered a short opportunity based upon last week's price settlement. I've detailed my ideal entry, stop loss and targeted areas on the chart.
I've also updated support and resistance structures for your reference. Wishing you a blessed and profitable week ahead!
RTY MFI almost overboughtGeez, it would have been an easier trade if they left everything oversold until the Fed meeting.
All indicators neutral except RTY MFI is almost overbought. ES overlay suggests we could see another dip before the meeting tomorrow.
Flipped my COIN puts on open for a wash this time because I saw the Euros were pumping futures. Staying cash until tomorrow morning, might just wait until after the press conf to confirm the next pump, lol.
Keep in mind there is still a gap above.
Russell 2000 Bear Trend
Well.
1) Macro bullish symmetrical triangle fakeout leading to top signal.
2) Low volume on bullish break, High volume on reversal confirming fakeout.
3) Omicron Variant market reaction =~= Covid-19 market reaction
See SPY fakeout before March 2020 Covid-19 crash. (right)
Lastly, see bearish divergence between index and % of stocks above 200 ma (orange).
RTY - Resistance (0.5) Turned Support0.5 is acting as a support now as price has moved way above it, prior to this it was a resistance point as price tested it
This bullish assumption is supported by the RSI, showing an Inverted H&S pattern, just completing the Right Shoulder
This 0.5 fib line should act as a support now
RTY UpdateChart pattern and indicator directions looks bearish.
NQ MFI is oversold though, which is why I didn't comment earlier, was expecting a sector rotation day. Now NQ looks weak despite being oversold.
Looks to me like strictly an Euro futures pump, if futures sell off then garbage stocks are toast. They didn;t rally with the market at all.
Indices forming an intraday pennantAppears to be an intraday pennant on the 4 major indices (SPX, NDX, DJI, Small Caps). Could go either way either way Monday.
I just have some PTON puts because it's total garbage, but even garbage will float on a rising tide. just a small play.
In any case, I don;t expect the market to do anything in the last hour, but we'll see. My futures indicators are still trending bearish.
RTY Daily Support Shows it is holdingThe RTY Daily time frame is in a down channel. The
market hit the bottom of the channel and found
support. The market is now pushing bullish towards
the top of the channel price point 1936.2 about
+803 ticks above the market. It will be a good
idea to turn to the one hour time frame and to
look for long ideas in the buy zone.
ES UpdateES and RTY MFI hit overbought premarket
SHorting garbage yesterday morning was the right call, flipped my RIVN puts for a decent profit. Gonna stay cash until the Fed meeting, garbage stocks are already down 3 - 5%, not worth chasing it right now.
Should've shorted PTON again, lol. What a PoS, SFIXing it's way to single digits. Didn;t think it'd move that much this week.